It’s not just the lives but the livelihoods of people have been turned upside down by the deadly pandemic – COVID-19. So, how’s it going to be for businesses? What can be done to survive this terrible crisis?
COVID-19 is continuing to create havoc in our lives – physically, mentally, and economically. We have no idea when it is going to end but until then we can’t sit and wait forever or stop living at all. Indeed, the impact of coronavirus is huge and will take ample time to recover but, we have to accept the new normal and start to modify ourselves and our business to survive the COVID phase. How? Let’s understand.
The COVID Effect on Business
Social distancing and a nationwide lockdown have forced every small to large scale businesses to revisit their business plan. COVID-19 has hit us badly and hence whatever worked before COVID, won’t do during and post-COVID as it has changed the definition of normality.
From the functionality of any business to its way of interaction and service, every corner of it is experiencing the effect of COVID making it challenging for most businesses to keep their financial wheels running. While the offline businesses are the worst hit, many online too suffered the loss due to the restrictions of lockdown. Amidst all these, if you are a budding entrepreneur planning to step into B2B eCommerce, fear not as the COVID phase may pass soon and till then you need to follow or adapt to some new rules and strategies to alleviate risks and to survive the slowdown caused by the impact of COVID19. You can get your business online and run without interruption even in lockdown.
What B2B Business Must Do to Deal with and Survive the COVID Crisis?
1. Carry out a financial assessment
It’s time to run a check on your finances. Conduct a proper assessment of your fixed and variable expenses, calculate your loss and how much you have in reserve, this will give you a financial status of your business according to which you can then plan steps to recover it.
2. Re-plan your business model
The market has changed and so is the behaviour of people, hence; for your B2B business to keep going, you need to re-work on your business model. With social distancing to staying and lockdown to be declared anytime, you must prepare your new business model keeping them in mind and take measures to not to face any financial breakdown if such a situation arises in the future.
3. Plan policies, secure investment, cutback expenses
Your revenue is shaken now and it’s time to work on your finance very carefully for the future ahead as no one knows when the pandemic will bid us goodbye forever. It can be months, a year or God forbid it is going to stay between us forever, hence; take this time to secure your finance by planning policies, checking out funds, securing investments, reducing the variable expenses, revisiting sales strategy – selling online versus in-person, renegotiating fixed expenses (rent, salaries, equipment lease payments, etc.), analyzing if you need to cut back upon any costs etc. and focus only on the crucial essentials for survival.
4. Be open to your customers
Your B2B customers very well know the current situation due to COVID-19, still, it is advisable to communicate with them without hiding anything. Explain to them what your business is going through and how you are working on it. Communicate with customers to understand their perception of the product/solution offered by you as this will keep the bond of trust strong between you too for a very long time.
5. Manage employees & maintain relationships
Employees and business relationships with vendors, stakeholders, wholesalers, etc. are what keeps your B2B business running, therefore, during such tough times, it is important to consider them as your priority and do whatever is possible for them because there is going to be a delay in payments, deliveries, shares or commission which can trigger bitterness and damage what you had for so long. Talk to them, make them understand and try to support as much as you can.
6. Seek digital methods
With COVID-19 to keep us apart for a very long time, try to implement digital solutions into your business to continue interacting with each other. Stay connected through video conferencing tools like Zoom and Google Hangouts. Include emerging digital technologies like Augmented Reality, Virtual Reality to attract customers. Make use of webinar, phone, human chatbot etc. to help and support. In short, be virtually present if not physically.
Challenges are a part of and must for business for its growth and development but, when such a global crisis arises it is important to stand together and united to deal with it. The current pandemic is also a test which we can pass if we take necessary measures and work on it. So, for your B2B business to fight back and survive this deadly pandemic, follow the above-mentioned practices and for those planning to start anew, an efficiently designed and developed B2B eCommerce software solution is awaiting you.
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